← All writing
Why We Invested 2026-08-25

Alice is built on a dataset of what bad looks like

For nearly a decade Alice (Formerly ActiveFence) has protected 3 billion people from fraud, abuse and manipulation on the world's largest platforms. Now it does the same for AI.

Alice covers the whole lifecycle of a model, from hardening it with the frontier labs before release to watching every interaction once a company runs it in production.

When we wrote the first check, Noam and the team had one idea and it has not changed since. In an environment that shifts constantly, the only real defense will rely on a dataset of what bad looks like, and people who have seen enough of it to recognize the next version. That is Rabbit Hole, the largest dataset of real adversarial behavior anywhere.

Today Alice announced $140M led by Apax Digital, joined by a strong group of new investors, with Grove Ventures and other existing ones doubling down. Its AI business is up more than 500% in two years, and 8 of the 10 leading AI labs are customers.

Congratulations Noam Schwartz, Iftach Orr, Alon Porat, Eyal Dykan and the team. Proud to be part of your journey from the early days.

Bloomberg's story in the first comment.

First published on LinkedIn, 2026-08-25.

Everything I write lands here first. If something resonated: